By Cady Vishniac
Detroit, Dec. 30 – Western Asset Management Co. LLC priced $355.05 million of notes in a broadly syndicated collateralized loan obligation due Jan 20, 2032, according to a market source.
Crown City CLO II Ltd./Crown City CLO II LLC sold $2 million of class X floating-rate notes at Libor plus 75 basis points, $210 million of class A-1a floating-rate notes at Libor plus 138 bps, $17.5 million of class A-1b floating-rate notes at Libor plus 160 bps and $38.5 million of class A-2 floating-rate notes at Libor plus 175 bps.
The CLO also priced $10 million of class B-1 deferrable floating-rate notes at Libor plus 250 bps, $11 million of class B-2 deferrable fixed-rate notes with a 3.177% coupon, $21 million of class C deferrable floating-rate notes at Libor plus 382 bps, $10.5 million of Class D deferrable floating-rate notes at Libor plus 717 bps and $34.55 million of subordinated notes.
Citigroup Global Markets Inc. was the placement agent.
Western Asset Management will manage the CLO, which has a one-year non-call period and a three-year reinvestment period.
The deal is backed primarily by broadly syndicated speculative-grade senior secured term loans.
Western Asset sold its Crown City CLO I in June.
The fixed-income investment firm is based in Pasadena, Calif.
Issuers: | Crown City CLO II/Crown City CLO II LLC
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Amount: | $355.05 million
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Maturity: | Jan. 20, 2032
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Securities: | Floating-rate, fixed-rate and subordinated notes
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Structure: | Cash flow CLO
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Refinancing agent: | Citigroup Global Markets Inc.
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Manager: | Western Asset Management Co. LLC
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Call feature: | One year
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Settlement date: | Dec. 30
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Class X notes
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Amount: | $2 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 75 bps
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Rating: | S&P: AAA
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Class A-1a notes
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Amount: | $210 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 138 bps
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Rating: | S&P: AAA
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Class A-1b notes
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Amount: | $17.5 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 160 bps
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Rating: | S&P: Non-rated
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Class A-2 notes
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Amount: | $38.5 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 175 bps
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Rating: | S&P: AA
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Class B-1 notes
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Amount: | $10 million
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Securities: | Deferrable floating-rate notes
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Coupon: | Libor plus 250 bps
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Rating: | S&P: A
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Class B-2 notes
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Amount: | $11 million
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Securities: | Deferrable fixed-rate notes
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Coupon: | 3.177%
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Rating: | S&P: A
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Class C notes
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Amount: | $21 million
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Securities: | Deferrable floating-rate notes
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Coupon: | Libor plus 382 bps
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Rating: | S&P: BBB-
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Class D notes
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Amount: | $10.5 million
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Securities: | Deferrable floating-rate notes
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Coupon: | Libor plus 717 bps
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Rating: | S&P: BB-
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Equity
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Amount: | $34.55 million
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Securities: | Subordinated notes
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Ratings: | Non-rated
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